The key to avoiding costly mistakes amid record-breaking origination volume

The key to avoiding costly mistakes amid record-breaking origination volume

HousingWire just recently spoke to ACES Quality Management CEO Trevor Gauthier about the importance of quality assurance among record-breaking volumes and how QC technology can help lending institutions prevent costly errors.

HousingWire: How have current conditions impacted loan quality management?

Trevor Gauthier: Right out of eviction with COVID-19, we saw everyone making the shift to a remote workplace, which was extremely difficult on organizations that are utilized to being in their brick-and-mortar operations. This prevented their ability to collaborate since they’re used to employees and teams having the ability to stroll down the hall or remain in the same space– particularly quality assurance departments, which are generally smaller in scope but typically need to interact throughout the whole company.

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As an outcome, we saw a huge uptick in interest as soon as the dust settled from the big operational focus of moving a labor force remote and volumes began to increase due to the fact that the requirement for technology in this new working environment ended up being vital. For our existing clients, the transition was more smooth because the cloud-based nature of ACES Quality Management and Control Software application allowed them to access and utilize all elements of the platform from a remote environment.

At ACES, we can get business up and running in four to six weeks, so it’s not as challenging for them to go through an execution like ours as it may be with some weightier business solutions. Our fast implementation procedure also helps operations departments speed up their QC and QA procedures, which is critical for dealing with the type of volumes we’ve seen over the past 6 months.

It was bittersweet for us to be going through a pandemic and see the kinds of problems start to harm the market and bottleneck various parts of it. However at the exact same time, we were pleased to see lenders wholeheartedly embrace technology to increase their effectiveness and preserve loan quality in the middle of record-breaking volumes.

HW: Why should financial institutions incorporate quality assurance technology into their procedures?

TG: The very first and foremost reason is quality. There’s a genuine strategic benefit to having a platform that can handle quality throughout the whole organization.

Second, there’s the return on investment.

For example, we had one customer enhance its total efficiency by 500%, increase the number of audits conducted each month by 200%and broaden its tasting and loan selection requirements information points from 300 to 2,000– all without needing to include personnel. These kinds of results are not an anomaly among ACES users and speak with the ability of innovation to increase loan providers’ auditing power.

From a bottom-up viewpoint, it allows the people that are in the trenches to be able to more efficiently communicate with their service constituencies.

Security has constantly been a top concern for both the monetary industry and ACES Quality Management.

HW: What has ACES Quality Management done to adjust and flourish throughout the pandemic?

TG: Thankfully, we were currently extremely skilled as a company at working from another location. We have a Denver office, however the big majority of our workforce is currently remote and utilized to working together online so we really didn’t miss a beat.

What we did do as part of the pandemic was have an open dialogue with our employees, acknowledging that we are in a time of change and repeating that our staff members come. To assist out our team, we instituted a policy of having Friday afternoons off so our workers might have more time to either capture up on work or personal products or to just be with household.

Ultimately, it’s all about real-time flexibility.

During this time, we likewise entered into customer lending and have invested an incredible quantity of time broadening our footprint in that bigger market. Currently, we’re working with two of the top 5 banks by asset size and the nation’s top cooperative credit union, and as these institutions continue to focus on cost control within their companies, we anticipate ongoing interest from this section in using our technology to focus on quality across the entire organization to remove pricey errors and minimize danger.

HW: What was the drive behind ACES Quality Management’s recent rebranding?

TG: We have had a tremendous amount of activity, development and modification within the last year at ACES Quality Management, and there was a great deal of enjoyment internally about where we were heading from a “go-to-market” perspective. With all of this modification, we wanted to have a unified brand name voice that recognizes that quality doesn’t happen in a silo or a vacuum; it’s an enterprise-wide undertaking, and if we are going to be a company that’s focused on quality, then the brand needs to reflect that.

At the same time, we did an internal assessment of our organization and asked ourselves if our tagline at the time, “Enterprise Danger Management Solutions,” was truly in alignment with not only how we saw ourselves, however also how clients and prospects saw us. From there, the conversations we were having begun to no in on quality, and we then engaged an outside firm to vet our perception by talking to our consumers and potential clients.

Thankfully, the research that came back to us was in line with the direction in which we were currently heading, and we decided the time was right to provide the business’s brand name a facelift to guarantee it accurately interacted our worth proposition to the market.

When we started to think beyond just the product we’re bringing to market and concentrated on why our consumers love ACES as much as they do, the answer we discovered was, “It’s the people,” which we consider as an extension of quality. It was a great research study project that took 6 months, and we discovered a lot about ourselves and what the marketplace’s responding to.

Then the fun took place, taking all that research and using it to refresh the look and feel of a brand name that had actually been around for 6 years. We’re still focused on the same things from a technology and client assistance perspective, however we wanted to put a new face on the company that we can rally behind as we move on in the next phase of the company’s journey.

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